<p>
The portfolio underperforms relatively to the benchmark, S&P 500, during the backtest period.
</p>
<p>
In general, stocks that have a low B/P ratio are considered to be value stocks, and similarly, stocks that have a high B/P ratio are referred to as growth stocks.
</p>
<p>
During a bull market, which is associated with high GDP growth, value stocks tend to underperform growth stocks, as investors are optimistic about future earnings growth.
</p>
